THE Senate passed legislation on August 20 that will establish a new superannuation scheme for members of the ADF.
The new military superannuation scheme, to be known as ADF Super, fixes one of the longest running grievances of the veteran and ex-service community, namely the lack of flexibility and portability of a member's superannuation benefit when they leave the ADF.
ADF Super will, for the first time, give ADF members the option to select any complying superannuation fund to invest their superannuation benefit. It enables ADF members to choose their financial future.
In recognition of the unique nature of military service, ADF Super members will receive a community leading employer contribution rate of 16.4 per cent, regardless of the superannuation fund they choose.
ADF Super will apply to ADF members who join on and after July 1, 2016.